S&P lowers Station Casinos

Standard & Poor's said it lowered Station Casinos Inc.'s 6% senior notes to D from CC and removed the rating from CreditWatch, where it was placed with negative implications Dec. 16. The actions reflect the missed April 1 interest payment on the notes.

The agency said the action follows its Feb. 4 research report in which it lowered our corporate credit rating on Station and 6½% senior subordinated notes to D following the missed Feb. 1 interest payment on the 6½% senior subordinated notes.

The CCC ratings on the company's senior secured bank facilities remain on CreditWatch, where they were placed them with negative implications on Dec. 15.

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